FAQ
What is The Idols?
The Idols is a 100% community-aligned NFT project housed on the Ethereum blockchain. The Idols is the first collection in the Idolverse. Unlike many other NFT projects, Idol holders will receive staking rewards in perpetuity in the form of LIDO stETH.
What is $VIRTUE?
$VIRTUE is an ERC20 token that will have various utility within the Idolverse. At launch, $VIRTUE stakers will be entitled to a 7.5% commission on all Idol NFT trades.
How do I get an Idol NFT?
You can buy on the Idols Marketplace on our website: https://www.theidols.io/marketplace
Why should I trade on The Idols Marketplace?
Trading on The Idols Marketplace provides many benefits to the Idolverse.
Eliminates 3rd party commissions so that 100% of commissions goes back to our community.
Removes any reliance on 3rd party marketplaces so that Idol holders will always have a source of liquidity.
Will there be resale commissions?
Yes, 7.5% commission applied to all resales which will go 100% back to $VIRTUE Stakers.
How do I obtain $VIRTUE?
All $VIRTUE tokens come from the Virtue Bonding Curve. In order to initially obtain $VIRTUE, stETH must be bonded to the Idol Treasury. The team plans to acquire permanent liquidity for the protocol. We have various ideas that will be shared and discussed with the community post launch. We can't predict how the price of the token will trade in the secondary market vs the bonding curve, but in general we expect users to acquire $VIRTUE from whichever source is cheapest.
How are rewards paid to Idol NFT owners and $VIRTUE stakers?
The protocol involves a keeper function which will calculate how much rewards have accrued so far to each individual holder. As rewards are accrued to the protocol, they will be claimable on the website. We anticipate rewards to be distributed once a day although in the very beginning of the protocol it may be less frequent than this.
What are the benefits to owning an Idol NFT over vanilla staking of ETH?
Owning an Idol NFT grants you access to a 100% community owned ETH first project. Our goal is create a truly web3 based community where everyone wins. Plus you get some awesome artwork!
Through the Virtuous Cycle, additional stETH is bonded in exchange for $VIRTUE. Overtime, this monotonically increases the Treasury, which increases the amount of staked ETH associated with the NFT. Because of this, owning an Idol NFT may grant you the earnings power of more staked ETH than you would have if you staked directly.
What is The Virtuous Cycle?
Users bond stETH into the Idol Treasury, increasing the size of the Treasury.
Idol Treasury now pays more rewards to Idol NFTs.
Increased rewards drive extra demand for Idol NFTs, increasing commissions paid to $VIRTUE Stakers
Increased demand for $VIRTUE causes more users to bond stETH to the Idol Treasury to acquire $VIRTUE.
I just added more $VIRTUE to my stake, why does the website show my prior rewards are gone?
Increasing stake will claim any existing rewards accrued. The ETH you had thus far accrued will appear in your wallet
If I sell my NFT, what happens to the rewards my NFT accrued?
If you buy, sell, or transfer an NFT, you will get any accrued rewards for ALL of your NFTs claimed to your wallet before the NFT is transferred to the new owner
I sold an NFT but don’t see the proceeds in my wallet, how do I get them?
You will need to claim the unsettled proceeds from your sale on your dashboard.
How can I reach the team?
The team is best reached through our Discord or Twitter.
Last updated